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Listen now! 3 Keys to a World-Class Family Office Experience

In less than five minutes, learn what to look for to help achieve the best family office experience for your family.

A family gathers around a conference table covered with paperwork and laptops.

Podcast Transcript

Host: Dave Specht, National Development Manager for Family Dynamics, Wells Fargo Private Bank

Generational wealth management can look different depending on the family and the types of assets the family owns.  Have you ever wondered what the wealthiest families do to organize their financial affairs to help protect their assets and prepare their families for how the wealth will impact their lives?

I’m Dave Specht, the Family Dynamics National Development Manager for Wells Fargo Private Bank, and I’m your host for Your Financial Journey, a podcast series that explores questions that families of wealth commonly face.

Family offices are set up all around the world to provide for oversight and management for the world’s wealthiest families.  They are tasked with managing complex tax, legal and investment holdings of a family.  Family offices typically exist to serve these purposes and to help protect the privacy of these families they serve.  To help achieve the best experience for your family, you may find that you need more.

  • 1. High IQ, and high EQ

    Technical expertise from tax and legal to investing and managing real estate is a given when it comes to managing your wealth.  But don’t forget the softer side of wealth management. You might consider including a business strategists, leadership development experts or a psychologist to assist with the “human capital” that you are managing. Such experts can help manage family conflict, develop education programming for the rising generation and assist with family meeting facilitation.

    • 2. Differentiated client experience for the next generation

      Look for a provider who can offer a client experience to serve the varied needs and preferences of multiple generations.  Some family members prefer face-to-face meetings while others are fine with virtual meetings.  Some want paper statements while others prefer the paperless digital option.  Some are happy sharing the same advisor their parents use and others would like to work with someone independent of their parents and closer to their own age.  These are just a few examples.

      • 3. Ability to proactively address shared ownership/management complexity

        Your wealth management provider should be able to both cater to and defer to the style and desires of the wealth creating generation and also proactively challenge the family to put systems and structures in place to help protect their relationships with each other and to set a clear understanding of how they will operate together.

        If your family office could use help with any of these common challenges, contact your Wells Fargo relationship manager.

What can Wells Fargo do for you?

Creating a plan for every generation of your family can be a challenge. Schedule time with your team to get started.

This information is provided for educational and illustrative purposes only.

Wells Fargo & Company and its affiliates do not provide legal advice. Wells Fargo Advisors is not a tax or legal advisor. Please consult your tax and legal advisors to determine how this information may apply to your own situation. Whether any planned tax result is realized by you depends on the specific facts of your own situation at the time your taxes are prepared. 

Wells Fargo Bank, N.A. offers various advisory and fiduciary products and services including discretionary portfolio management. Wells Fargo affiliates, including Financial Advisors of Wells Fargo Advisors, a separate non-bank affiliate, may be paid an ongoing or one-time referral fee in relation to clients referred to the bank. The bank is responsible for the day-to-day management of the account and for providing investment advice, investment management services and wealth management services to clients. The role of the Financial Advisor with respect to Bank products and services is limited to referral and relationship management services.

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